PayPal Says Not Pursuing Acquisition of Pinterest
October 25 2021 - 4:20AM
Dow Jones News
By Ben Otto
U.S. payments giant PayPal Holdings Inc. said it isn't currently
pursuing a deal for social-media platform Pinterest Inc., days
after media reports that the companies were in early talks for a
multibillion-dollar deal.
In a one-sentence statement dated Sunday on its website, PayPal
said that "in response to market rumors regarding a potential
acquisition of Pinterest by PayPal," the company "is not pursuing
an acquisition of Pinterest at this time."
The Wall Street Journal and other media last week reported that
the two California-based companies were in early-stage talks for a
deal, citing people familiar with the matter.
PayPal's stock fell almost 12% in three days after the media
reports. Shares of Pinterest, an online-sharing platform on which
users share photos and links to recipes and home-decor ideas,
closed 13% higher Wednesday, then shed half that gain in the final
two days of the week.
A deal for Pinterest would be one of the biggest mergers of the
year, and Paypal's biggest-ever acquisition. Pinterest's market
capitalization stands at more than $37 billion.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
October 25, 2021 04:05 ET (08:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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